Global IoT Solutions and Services Market Size, Status and Forecast 2021-2027

IoT Solutions and Services Market 

According to the most conservative estimate of the global IoT Solutions and Services market size (the most likely outcome), the revenue in 2021 is USD 178.3 Billion , and the global market size will reach USD 460.4 Billion by 2028, with a CAGR of 14.5%. Key drivers of the IoT solutions and services market include the growing demand for smart manufacturing solutions. Transportation industry is expected to drive the growth of the IoT solutions and services market during the forecast period. The need for cutting down on energy usage requires smart energy solutions. These solutions are driven by IoT technology. This is expected to surge the market growth in the coming years.

Moreover, the growing healthcare industry and smart city initiatives will propel the IoT solutions and services market in the future.

Trends Influencing the Global IoT Solutions and Services Market

Manufacturing solutions

The rapid digital transformation and industry 4.0 trends has augmented the need for enhancing manufacturing efficiency for exponential returns. IoT sensors and huge number of connected devices help in quality control, inventory management, packaging etc. Big data and predictive analytics ensures worker and equipment safety through proper monitoring and control. Thus the widescale adoption in manufacturing sector will drive the growth of the IoT solutions and services market during the forecast period.

Smart transportation

Traffic congestion, road safety are major problems across the entire globe. The need for developing smart transport systems has led to the usage of IoT in this sector. Traffic monitoring, connected cars and vehicle management ensures driver and car safety. The real time tracking of data provides information on fuel consumption, vehicle health and other vital aspects of automobiles thereby enhancing transportation. These factors wil accelerate the growth of the IoT solutions and services market in the subsequent years.

Demand for developing energy efficient systems

The world’s population is growing rapidly along with rising energy consumption. The fast depletion of fossil fuels drives the need for lowering energy needs and driving efficient energy tools. IoT helps organizations in combining smart grids with renewable sources such as solar energy to cut back wastage and exploitation. Moreover resource optimization becomes easy in commercial and residential projects through monitoring techniques such as smart lighting systems, thermostsats that educes costs and prevents unnecessary energy wastage. This in turn is expected to drive the growth of the IoT solutions and services market during the forecast period.

Healthcare industry and smart city initiatives

The healthcare industry is growing rapidly and the increasing number of chronic diseases requires extensive treatment, diagnosis and cure. IoT helps in providng smart wearables for monitoring blood pressure, heart variations and other detection procedures for accurate diagnosis and personalized treatment. Moreover smart city initiatives have given rise to smart buildings through which building maintenance, security, repairs are facilitated through IoT connected devices in mobile phones and computers. Thus this above mentioned factors will spur the IoT solutions and services market expansion in the future.

IoT Solutions and Services Market Share

Based on type, the solutions segment is expected to provide huge opportunities for growth in the IoT solutions and services market share due to demand for IoT solutions in various organizations.

Based on application, the manufacturing segment is expected to dominate in the IoT solutions and services market share as manufacturers are investing heavily into IoT technology for rapid adoption.

Based on region, Asia-Pacific segment will provide huge scope for growth in the IoT solutions and services market share due to rising number of smart city initiatives and IoT infrastructure.

By Type

• Hardware
• Platform
• Solutions
• Services 

By Application

• Smart Manufacturing
• Smart Transportation
• Smart Energy
• Connected Healthcare
• Smart Building 

By Region

• North America
• US.
• Canada
• Europe
• Germany
• France
• UK.
• Italy
• Russia
• Nordic
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA 

By Company

• Accenture
• Atos
• IBM
• DXC Technology
• Deloitte
• Cisco
• Huawei
• Sierra Wireless
• ARUBA HPE
• Microsoft
• AWS
• PTC
• Oracle
• AGT International
• Intel.

Scope of IoT Solutions and Services Market Report